The hotel was closed two years ago after bankruptcy was declared. Two hundred thirty people lost their jobs, and the city lost its convention center hotel.

The new owners said they're ready to reopen the hotel on Mulberry Street and a nearby parking garage.

Anthony Collins was the hotel manager when it closed.

"It was disappointing for me and the guests and employees and the city of Vicksburg," Collins said.

Collins is now taking over as manager of the new hotel with a new name, the Portofino.

"We have a group of investors that are interested in making this work. I feel the group that we had wasn't focused on the financial side of the business. It was more self-motivated," Collins said.

Flaggs said the new development company isn't just going to restore the hotel. They're also going to build up downtown Vicksburg.

"There are other properties that are opening because there's going to be a hotel in the downtown area, so we believe we'll be able to profit and be able to revitalize downtown because of the hotel," Flaggs said.

The Vicksburg Post reported that no date was announced on when the taxes would be paid.

City Attorney Nancy Thomas said Vicksburg Hotel LLC, which bought the hotel, will also pay overdue utility bills by June 15.

Biloxi-based Vicksburg Hotel LLC bought the hotel on July 28 and has been refurbishing it. The hotel is expected to open May 8. About 36 job openings are expected soon.